Industry body Subsea UK issued a statement Monday urging UK-based subsea firms to expand into the renewables sector in order to sustain long-term growth. Subsea UK noted that global spending on offshore wind is expected to hit GBP 210 billion ($270 billion) over the next 10 years.
In partnership with Scottish Enterprise, the organization will be running an event on August 2 that will examine why harnessing a range of renewable resources is essential if the industry is to playing a part in the security and longevity of the UK's energy supply. The event will explore opportunities in offshore wind, as well as provide practical help and advice on market entry in a bid to reduce dependency on the cyclical oil and gas sector.
Subsea UK Chief Executive Neil Gordon commented in a statement:
"While oil and gas remains the dominant energy industry in the UK, companies are quickly beginning to realise the vital role that offshore renewables will play in the future energy mix.
"Offshore wind is a growing market which presents exciting new business opportunities for the UK supply chain. This event, along with a number of ongoing initiatives are intended to help companies realise these opportunities and help them mitigate some of the challenges they are currently facing as a result of the lower for longer oil price."
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